Ford aspires to take a leading position in the smart and connected electric vehicle market, and first needs sufficient profit support. Over the past year, Ford's recovery in the United States has set the tone for its long-term development, and the Chinese market has become one of the pillars of Ford's turnaround.
Ford's series of proven initiatives are reflected in the 2021 earnings report, and the background of Ford+'s plan is the double growth of business and stock price. With the recently launched Buzzang Mach-E, F-150 Lightning and E-Transit being sought after, with more than 275,000 cumulative orders and bookings, Ford is the second-largest seller of electric vehicles in the United States.
Ford had promised to spend $29 billion on electric vehicles and self-driving technology by 2025, of which $22 billion would be spent on electric vehicle development. Obviously, huge investment requires good business support. For example, Ford Motor's full-year 2021 net income was $17.9 billion and adjusted EBITDA was $10 billion, achieving year-on-year growth.
As of the fourth quarter of last year, Ford Motor had more than $36 billion in cash and $52 billion in liquidity. Separately, By buying back and redeeming $7.6 billion in debt, Ford Motor's balance sheet was further consolidated in the fourth quarter.
Ford's performance is inseparable from a smart product strategy, and with the help of models including the Ford Bronco, Ford Maverick, Mustang Mach-E and Bronco Sport, Ford's market share has increased to 15%, becoming the nation's number one automaker in terms of sales. Ford said it would increase the number of electric vehicles supplied to the market, provide better batteries and reduce development costs. To this end, Ford has created two dedicated electric vehicle platforms that can produce electric vehicles of different body types.
Ford China delivered a total of 624,802 vehicles in 2021, up 3.7% year-on-year. Behind the stability of the data, the Lincoln brand is indispensable. The fierce competition in the luxury car market has not stopped lincoln's rapid localization from growing. Last year, Lincoln brand sales in China have surpassed the US market, up nearly 50% year-on-year. A series of new product introductions and proven marketing strategies have helped Lincoln gain better visibility, and with the introduction of new models such as the new Lincoln Zephyr, Lincoln still has great potential for development in the Chinese market.
In order to strive for more market share, the Ford brand has also launched some new products, including the domestic Ford Mustang Mach-E, Ford EVOS, Ford Lingrui, etc., and the new generation of Ford Mondeo has also officially debuted. Relatively speaking, there are many key factors for Ford to establish its brand status, not only the number of new products, but also the need to further expand its strength in terms of product quality, service, network and localization.
The "More Ford, More China" commitment points out the direction of Ford's development in the Chinese market, and the electrification transformation gives Ford a rare opportunity, how to give full play to the advantages of localization, while improving the innovation core, rather than blindly catering to the market, is a big test for Ford, who is eager to be proven.